ArkLaTex
72°F

Money Matters: Getting the mortgage message

No doubt you've heard the mortgage message. Rates on mortgage notes and refinancing are hovering near historic lows. But what if a poor credit score, bankruptcy or divorce keeps you from seeing the savings.
No doubt you've heard the mortgage message. Rates on mortgage notes and refinancing are hovering near historic lows. But what if a poor credit score, bankruptcy or divorce keeps you from seeing the savings.

"If someone is getting declined for a mortgage loan, there probably is a pretty specific reason why," said Andrew Pringle, Mortgage Originator at Red River Bank. "Is it a credit score issue? Is it the length of time I've been on my job? Is it a previous bankruptcy? Really try to identify it. Nail it down. Ask the question, 'If I'm not ready to qualify for the mortgage now , when will I qualify?'"

Wether it's 12 months or 24, create a plan. Then stick to it.


With a mortgage refinance, the planning begins by knowing where your at with your mortgage. Then identifying where you want to be.

"Pull out the monthly mortgage statement," said Pringle. "What is our interest rate? What is our term? When will our loan be paid off? And set those goals."

But he adds, there are times when refinancing is not your best option."

"When the cost of the refinance is a high percentage proportionate to the balance, then it may not be a good idea to refinance," he said. "If you have five to seven years left to pay on your mortgage,  you'd probably be better off continuing on the same mortgage path you're on, as opposed to refinancing."

Each mortgage situation is unique, but a bit of financial evaluation could result in significant saving on a home loan.

Page: [[$index + 1]]
comments powered by Disqus

This Just In